Price elasticity of demand worksheet with answers

Free printable Price elasticity of demand worksheet: 6 problems from easy to exam level, with an answer key. Print it or save it as a PDF.

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1.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 12%, the quantity demanded falls by 7.2%. Find the price elasticity of demand E.

%ΔP = +12%%ΔQ = −7.2%
E =
2.Easy
ticket price+12%tickets per week?1 000 → QE = −2

A cinema sells 1 000 tickets per week. The price elasticity of demand is −2. If the ticket price rises by 12%, how many tickets Q will it sell per week?

Q1 = 1 000E = −2%ΔP = +12%
Q = tickets
3.Medium
QPD4 000€4Q2​P2​ (+15%)ΔR = ?

A product sells 4 000 units per month at €4. Its price elasticity of demand is −0.5. The firm changes the price by +15%. Assuming %ΔQ = E·%ΔP, by how much ΔR does monthly revenue change?

P1 = €4Q1 = 4 000E = −0.5%ΔP = +15%
ΔR = €
4.Medium
QPD500€25.00620€15.00

When the price of a ticket changes from €25.00 to €15.00, weekly sales change from 500 to 620. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €15.00Q1 = 500Q2 = 620
E =
5.Hard
QPDQ€24

The demand for a product is Q = 480 − 8P, with P in euros. Find the price elasticity of demand E at a price of €24.

Q = 480 − 8PP = €24
E =
6.Hard
QPDQ€18

The demand for a product is Q = 750 − 25P, with P in euros. Find the price elasticity of demand E at a price of €18.

Q = 750 − 25PP = €18
E =

Answer key

  1. 1. E = −0.6
  2. 2. Q = 760 tickets
  3. 3. ΔR = 1020 €
  4. 4. E = −0.4286
  5. 5. E = −0.6667
  6. 6. E = −1.5

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